By Nike Popoola Monday, 7 Jun 2010     

Royal Exchange Prudential Life Assurance Company Plc, a member of the Royal Exchange Group, has introduced the Royal Investment Plan insurance policy into the industry.The company’s Managing Director, Mr. Larry Ademeso, noted that this was part of the company‘s efforts aimed at helping to create wealth for people.

”TRIP is a unique investment-linked life assurance product that allows you to save, attract return on your money, make periodic withdrawals and provide security for your loved ones,” he said.According to him, the policy has a minimum tenure of nine years, with maturity benefits payable in three instalments of 25, 50 and 100 per cent.

He explained that the 100 per cent of the sum assured would be paid to the beneficiary in the event of death.The managing director also pointed out that TRIP could be used as collateral for loan.According to him, the premium paid depends on the sum assured, the policy term and the frequency of premium payment, which may be monthly, quarterly, half yearly or yearly.

To make it more accessible, he said the scheme has been made available through the scratch card system along the line of the mobile phone technology and the starter pack.He explained further, ”When you open your starter pack, you fix your SIM number and it gives you access to the network. You can buy a starter pack for any product you want, scratch your card and get the pin number, upload the pin number into your phone and send it. You will even get a response telling you that it has been activated for you. Then, subsequently you are able to buy top up cards.”

Ademeso stressed the need for people to embrace life insurance because its essence was beyond death settlement.According to him, life insurance is a viable way of planning ahead for the future.

The managing director also noted that the company was enhancing and putting in place structures to become the leading life insurance company in the country.Royal Exchange was a composite insurance company that specialised in life and general insurance businesses, but restructured and separated the businesses. The life arm was transferred to its wholly owned subsidiary, Royal Prudential Life.

(Source:Punch)